The fallout from revelations that Wells Fargo staff secretly opened more than 2 million unauthorized accounts to meet sales targets could last for years and motivate other institutions to upgrade their controls against internal fraud, say sources. Federal prosecutors in several states are reportedly considering whether to file civil or criminal charges against the San Francisco-based lender, which last month agreed to pay $185 million to U.S. regulators and the L.A. City Attorney's Office for failing to detect and prevent illegal sales practices involving thousands of employees within its community banking division. The head of one of the agencies that...
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